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Does a Mortgage Administrator require separate errors and omissions insurance?

April 26, 2017Administrator errors Insurance mortgage omissions require separate

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Does a Mortgage Administrator require separate errors and omissions insurance?

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Yes, each Mortgage Administrator requires separate errors and omissions (e & o) insurance with extended coverage for fraudulent acts. The errors and omissions insurance must be able to provide coverage for a minimum of $500,000 for any one occurrence and $1,000,000 for all other occurrences that may occur in a 365-day period.